(Reuters) - National Australia Bank Ltd <NAB.AX> on Wednesday said it reached a A$49.5-million ($33.74-million) settlement for a class action lawsuit over the sale of worthless insurance policies to customers for their credit cards.
The class action was filed by law firm Slater & Gordon <SGH.AX> last year.
"NAB no longer sells Consumer Credit Insurance (CCI) products through any of its banking channels, and has implemented a remediation program," said Sharon Cook, the bank's chief legal and commercial counsel.
In a statement, NAB said the payment was pending approval from the Federal Court, but it had made provision for the amount in its financial statements for fiscal 2019.
(Reporting by Niyati Shetty in Bengaluru; Editing by Clarence Fernandez)
